NEW YORK — The World Travel & Tourism Council is projecting a record-breaking year for Travel & Tourism in 2024, with the sector’s global economic contribution set to reach an all-time high of US$11.1 trillion.
According to the global tourism body’s 2024 Economic Impact Research (EIR), Travel & Tourism will contribute an additional $770 billion over its previous record, stamping its authority as a global economic powerhouse, generating one in every 10 dollars worldwide.
As the global sector soars past its pre-pandemic prosperity, WTTC expects 142 countries of 185 analysed will be outperforming previous national records.
In partnership with Oxford Economic, WTTC’s latest EIR indicates that the travel industry is responsible for some 348 million jobs globally. This represents an increase of more than 13.6 million jobs compared to its highest point in 2019.
International visitor spending is expected to come within touching distance of the 2019 peak, to reach $1.89 trillion, while domestic tourists are forecast to spend more than in any year on record to hit $5.4 trillion.
A LOOK BACK AT 2023
With an economic injection of nearly $10 trillion, the travel and tourism sector matched its pre-pandemic heights.
Travel and tourism’s financial footprint was the largest it’s been since 2019, trailing its peak by just 4% and representing 9.1% of global GDP at just over $9.9 trillion in 2023.
The sector also bolstered its workforce by an additional 27.4 million, propelling the total to nearly 330 million jobs worldwide.
International spending increased by 33.1% to reach $1.63 trillion, with domestic spending increasing by more than 18% to reach almost $5 trillion.
Last year’s growth comes despite two of the world’s biggest tourism markets lagging in terms of international visitor spend. The WTTC reports that the U.S. and China saw a far slower return of international tourist spend. Last year in the U.S., international visitor spending remained more than a quarter below the peak of 2019, while China’s visitor spend remained almost 60% down.
“Against the backdrop of uncertainty, the Travel & Tourism sector remains a global economic powerhouse,” said WTTC President & CEO, Julia Simpson.
She added: “This isn’t just about breaking records, we’re no longer talking about a recovery – this is a story of the sector back at its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of jobs.
Speaking directly to situations in China and the U.S., Simpson said: “There’s a risk however, we need the U.S. and Chinese governments to support their national travel and tourism sectors. The U.S. and China will continue to suffer whilst other countries are seeing international visitors return much faster.”
10 YEARS DOWN THE ROAD
By 2034, the WTTC projects that the travel and tourism sector will supercharge the global economy with $16 trillion, making up 11.4% of the entire economic landscape and providing employment for 449 million people worldwide. Nearly 12.2% of the workforce will be powering the sector.
